20th February 2014 at 17:23 #546221
Anonymous20th February 2014 at 17:23 #546222
It seems that AF/KL have generated €130M surplus in 2013, some amazing turn around on a loss of €336m in 2012.
I think this is a piece of really good news and with the new C cabin being rolled out on KLM and AF getting ready to introduce a world leading C seat and a new F product they can only go from strength to strength.20th February 2014 at 17:32 #546223
Diving a little deeper into those results… KLM earned €100m from charging customers extra fees to take suitcases or for more leg room.20th February 2014 at 18:12 #546224
Their Operating Profit was Euro130M in 2013 vs. an Operating Loss of Euro336M in 2012.
However add all the non operating items and the Group Net Loss was Euro1,827M in 2013 vs. Euro1,225M in 2012.
Strip out some non cash deferred tax accounting and the adjusted Group Net Loss was Euro349M in 2013 vs. Euro696 in 2012.
Have they turned the corner in their restructuring, I don’t think it’s possible to tell from these results.20th February 2014 at 23:12 #546225
I also found the results contradictory, and as a shareholder not helpful.
KLM has been in profit for some time now, with Air France responsible for the bleeding of cash and running services at a loss.
I do think they are heading in the right direction with the Transform 2015 plan though. They have a leaner staff base (mostly 10 Reduction in AF staff), are gaining more revenue, and have cut costs. The Cargo operations is poor, with around 64% load factors only.
Pity about Alitalia and the write off of 1 Billion Euros.
I hope Cityjet is finally sold off, and sorted out also soon, dragging on, and rather a mess in terms of routes and plans at the moment. Its standards have dropped and routes are being cancelled and bases springing up, being at the requirement of the new owner or not/
The shares i bought 2 years ago have doubled anyhow.
KLM certainly have strived with many staff initiatives that have saved money, increased revenue, and also added to quality and service. One aspect for eg is the food service on board, another the cabin re-design for Business Class.
They are not there yet, (Neither are IAG or the LH group), but they are heading in the right direction. It is very tough against many Asian and Gulf Airlines entering their markets.
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